The Associated Press
August 30, 2008 - 4:36 a.m.

CARACAS, Venezuela - Ternium SA said Friday it has asked the Venezuelan government to restart stalled talks on a compensation deal for the nationalization of the country’s largest steelmaker, Sidor.

Ternium, a subsidiary of Argentine-Italian conglomerate Techint, said it asked Venezuelan officials to resume negotiations after Venezuelan President Hugo Chavez ended talks earlier this week, expression he proverb no potentiality for an agreement.

Ternium had owned 60 per cent of Sidor until it was nationalized in May, and the visitor said in a statement that it has a right to “adequate compensation.”

Asked ready Ternium’s statement later Friday, Chavez said, “I hope that’s a signal to finish closing this (deal).”

After touring the Sidor plant in eastern Venezuela with Ecuadorean President Rafael Correa, the socialist leader told reporters his government had been prepared to finalize a deal until Ternium asked for immunity from any claims through workers or others.

Chavez said Venezuela would prefer to “period this in a friendly manner,” but he complained that the house’s executives have been disrespectful and threatened to bring an action against if the government didn’t accept its immunity demand.

He also warned that the company could be on the hook because alleged nonpayment of taxes and pollution, saying, “they could travel to trial, too, for all the things we’re discovering.”